Breaking: German Govt Dumps Another 1300 Bitcoin To Coinbase, Kraken & Bitstamp

The German government has offloaded another 1,300 Bitcoin (BTC) to major cryptocurrency exchanges today. According to data from Arkham Intelligence, the total offloading consisted of nearly $76.5 million. Moreover, the Bitcoin price has recently dipped below $59,000 and this massive liquidation raised concerns of a further dip.

German Government’s Bitcoin Liquidation Spree

This recent liquidation involves the transfer of 500 BTC worth $29.95 million to Bitstamp, according to Arkham Intelligence. In addition, the German government also transferred 400 BTC worth $23.24 million to Coinbase, and another 400 BTC to Kraken.

Moreover, this brings the total Bitcoin offloaded by the German government to nearly 8,000 BTC. As of now, the government holds 42,059 BTC. The continuous liquidation of Bitcoin holdings by the German authorities highlights their ongoing efforts to manage and possibly reduce their exposure to the volatile crypto market.

Recent data from Arkham Intelligence indicates that the government transferred 832 BTC worth $50 million on July 2. Additionally, on the same day, another 361.877 BTC valued at $22.65 million was transferred to market maker Flow Traders. These significant movements reflect a strategic and systematic approach by the government in divesting its Bitcoin holdings.

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